Non-traditional exports climbs 18%

Exports of non-traditional commodities jumped 18 percent over the 2012 with a value of US$222 million during January to March 2013 period helping to propel it moved past traditional exports. The change accounted for a larger share of domestic exports, moving it from 44.4 per cent in the 2012 review period to 51 per cent in the current 2013 review period as traditional exports declined during the quarter.

Total traditional exports amounted to US$213 million in the 2013 review period, down from US$235 million in the previous 2012 period for a decrease of US$22 million or 9.3 per cent. The improvement in exports was insufficient to cover the increase in imports, leaving a bigger trade gap than in the similar quarter in 2012.  Total exports for the period amounted to US$451 million up from US$435 million in the 2012 period, an increase of US$16 million or 3.7 per cent.

Imports were valued at US$1.715 billion during the quarter, compared to the US$1.629 billion during January to March period last year, an increase of US$86 million or 5.3 percent. At the end of the quarter, the total merchandise trade deficit widened to US$1,264 million compared to US$1,195 million in the previous year.

Import categories | During the January to March 2013 period, there was a general upward trend in the value of imports for all but three commodity groups, “Mineral Fuels, etcetera”, “Manufactured Goods” and “Machinery and Transport Equipment”. The commodity group “Mineral Fuels, etcetera” had a value of US$566 million, a US$141 million or 19.9 per cent drop from US$706 million in the similar period in 2012.

Higher imports of ’organic chemicals’ mainly ethanol, ‘medicinal and pharmaceutical products’ resulted in the value of imports rising by US$188 million over the January to March 2012 period.

Imports of “Food” was valued at US$279 million, up from the US$239 million reported for the similar 2012 period due to increases in ‘cereals and cereal preparations’, ‘feeding stuff for animals’, ‘miscellaneous edible products and preparations’ and ‘vegetables and fruits’.

Total Exports | Earnings from total exports during the January to March 2013 period amounted to US$451.0 million, of which domestic exports was valued at US$434.6 million and re-exports US$16.4 million.

Traditional Domestic Exports | During the March quarter of 2013, the contribution of major traditional domestic exports to the value of domestic exports decreased from 55.6 per cent in the first quarter of 2012 to 49.0 per cent.

During the month of March 2013 the United States of America (USA) remained Jamaica’s main trading partner with US$226 million or 37 per cent of imports originating from that country. This brought the year-to-date imports from the USA to US$639 million. Approximately US$66.3 million or 50.9 per cent of total exports was sent to the USA in March 2013 bringing the year-to-date exports to US$248 million. At the end of the first quarter of 2013, Jamaica incurred a trade balance with the USA of S$391 million down from US$403 million in the first quarter of 2012.